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MIRA
INFORM REPORT
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Report Date : |
29.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MARVIDEX SURFING PRODUCTS (2004) LTD |
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Registered Office : |
P.O. Box 7203, 101
Hanagar Street, Neve Ne'eman Industrial Zone, HOD Hasharon 45240 |
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Country : |
Israel |
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Date of Incorporation : |
30.12.2004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Marketers of Surfing Clothing,
Footwear and Accessories. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 550,000. |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
MARVIDEX SURFING
PRODUCTS (2004) LTD.
(Also known as
BLUE-BIRD CHAIN)
Telephone 972 9 747 41 00
Fax 972 9 744 46 29
P.O. Box 7203
101 Hanagar Street
Neve Ne'eman
Industrial Zone
HOD HASHARON 45240 ISRAEL
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 51-362647-3 on the
30.12.2004.
SHARE
CAPITAL
Authorized share capital NIS 100.00, divided into -
100 ordinary shares of NIS 1.00 each,
fully issued.
SHAREHOLDERS
Subject is fully owned by CONCEPT FASHION
PRODUCTS MARKETING (1995) LTD. (also Known as LEE COOPER
ISRAEL), fully owned by Gidi Goldfinger,
SOLE
DIRECTOR & GENERAL MANAGER
Gidi Goldfinger
BUSINESS
Importers and marketers of surfing clothing, footwear
and accessories.
Also operating a retail chain of 25 shops countrywide,
under the brand name “Blue-Bird - Surf & Urban” (including 6 “Blue-Bird
Kids shops).
In May 2008, according to reports, also opened in
Romania 4 concept shops and 5 children's fashion shops under the brand name
BLUE BIRD KIDS.
Local sole concessionaires for the following international brands (among
others):
RIP CURL, GLOBE (GALLAZ), both of Australia,
NO FEAR, SECTOR NINE, BEACH BUNNY, SANUK, all of the U.S.A.
Operating from very large rented premises (offices, logistics center,
showroom), in 101 Hanagar Street, Neve Ne'eman Industrial Zone, Hod Hasharon.
A few detailed shops rent deals in:
Netanya - 130 sq. meters (monthly rent of US$ 50 per
meter); Rehovot - 75 sq. meters (monthly rent of US$ 60 per meter); Ramat Aviv
- 110 sq. meters (monthly rent of US$ 110 per meter); Kenyon Hazahav, Rishon Le
Zion - 85 sq. meters (monthly rent of US$ 65 per meter); CineMall (Lev
Hamifratz); Haifa - 110 sq. meters (monthly rent of US$ 52 per meter); Hadera -
80 sq. meters (monthly rent of US$ 92 per meter); Bat Yam - 60 sq. meters
(monthly rent of US$ 50 per meter); Kiryat Ono - 160 sq. meters (monthly rent
of US$ 70 per meter); Business Park, Herzeliya - 55 sq. meters (monthly rent of
US$ 35 per meter); Dizengoff Center, Tel Aviv - 55 sq. meters (monthly rent of
US$ 35 per meter).
Having 250 employees.
There are 600 employees in the LEE COOPER ISRAEL
Group.
MEANS
Initial promotion and marketing campaign in the
“Blue-Bird” brand was estimated at NIS 25 million.
Current stock is valued at NIS 15,000,000.
Investments in 4 new shops during 2008 estimated at
NIS 1 million, reported as follows: in CineMall, Haifa, Azrieli, Modi'in, Star
Center, Ashdod and Dizengoff Center, Tel Aviv.
2007 annual advertising budget reported to be US$ 1
million.
There are 6 charges
for unlimited amounts registered on the company's assets (financial and fixed
assets), in favor of Israel Discount Bank Ltd. and I.B.M ISRAEL LTD.
ANNUAL
SALES
2007 sales claimed to be NIS 70,000,000.
First half of 2008 sales claimed to be NIS 50,000,000.
Parent company CONCEPT FASHION 2007 sales reported to be over
NIS 300,000,000, of which 23% were overseas sales.
OTHER
COMPANIES
CONCEPT FASHION
PRODUCTS MARKETING (1995) LTD., parent company, sole
local concessionaires of "Lee Cooper" and "Z Brand" in
Israel and several other countries in Eastern and South East Europe. Designers,
manufacturers (via sub-contractors), importers and marketers of fashion wear,
operating retail store chain (besides subject - 42 branches of "Lee
Cooper", as well as over 60 stores abroad).
EXPOSE FASHION LTD., 51% owned by CONCEPT FASHION, designers, manufacturers (via sub-contractors), importers and marketers
of ladies and kids swimwear and undergarments, under brands "Banana"
and "Galit Levy", as well as stockings (brand "Golden Lady").
BANKERS
Bank
Leumi Le’Israel Ltd.,
Israel
Discount Bank Ltd., branches data not forthcoming.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
CONCEPT FASHION
is among the local leading fashion chains in Israel,
specializing in the jeans sector.
Gidi Goldfinger is well-known in the local fashion
industry.
In
mid 2007, gained the concession from DISNEY and FOX for the cartoons on
subject's underwear and pajamas. Reportedly, invests NIS 500,000 in promotion.
Since 2005, local FIMI Fund, one of the leading local
investment funds has option to acquire shares in parent CONCEPT FASHION
(according to reports from 2005, investing US$ 10
million based on a company value of NIS 200 million). FIMI, controlled by Ishay
Davidi, has significant promotion capabilities in foreign markets.
In March 2008, it was reported that CONCEPT enters the children swimwear, launching the brands "Banana" and
"Banana Kids", as well as "Twitty" for babies, with an
overall investment of NIS 900,000.
In 2008, CONCEPT FASHION opened 4 new “Blue
Bird” shops in Romania (already operating with CONCEPT’s “Lee Cooper” brand in
Romania), with
US$ 150,000 investment in each shop. Program is to open 2 more shops by the end
of 2008.
Subject’s controller cooperated with us and provided
details, however refused to disclose the bank’s branches names they are working
with.
40% of fashion
stores in Israel belong to fashion chains, the rest being private shops.
Imported apparel
summed up in 2006 to US$ 990 million (4% increase from 2005), of which US$ 606
million were from China.
The Israeli
Chamber of Commerce notes that the Chinese production comprises over 20% of the
imported textile goods followed by France (14%), Italy (12%), Hong Kong and
Turkey (around 10% each), Spain (7%) and the U.S.A. (4%).
The increase in
imports emanates from the exposure to foreign markets policy by the State.
According to the
Central Bureau of Statistics, the current spending per capita in 2006 in
clothing and footwear rose by 5.8% comparing to 2005, as part of the general
trend in 2006 of higher current expenses for private consumption per capita (3%
increase). The general growth trend continued into 2007.
SUMMARY
Good for trade engagements.
Maximum unsecured credit
recommended US$ 550,000.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.43 |
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UK Pound |
1 |
Rs.85.38 |
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Euro |
1 |
Rs.67.95 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)